During a workshop in the Asharqia Chamber
"ISAAL" enhances the efficiency of the institutional environment and facilitates payments between the government and business sectors
The Director of Saudi Payments Sales at the Saudi Arabian Monetary Agency, Hussein Bin Awwad Al-Shalawi, confirmed that the payment sector in the Kingdom is witnessing a major shift towards the adoption of electronic means, in line with the Kingdom's Vision 2030 and the financial sector development program to raise the rate of digital financial transactions. The role they play in facilitating the mechanism of making cash payments between government entities, different business sectors, and suppliers, who deal with these entities, contribute to enhance the efficiency of the institutional environment by facilitating billing processes for suppliers of government agencies and business sectors He pointed out that it is a platform whose aim is to improve the management of invoiced payments through the additional benefits it offers users such as clarifying the status of payment for issued invoices, graphs, and analysis of payments and checking the reconciliation and settlement of the amounts collected through an integrated electronic control panel.
This came during the workshop, organized by the Chamber of Eastern Province within the activities and programs of the Contracting Committee for 2019, on Thursday, October 17, 2019, and was entitled (the national electronic platform for business invoices (receipt)), and moderated by a member of the Board and Chairman of the Contracting Committee in the Chamber, «Hamad bin Hamoud Al-Hammad », Which emphasized the Kingdom's advanced rank among the countries of the world and the region in the provision of electronic payment systems in accordance with the universally accepted standards, pointing out that the business billing platform (Isaal) comes within one of the most important paths taken by the State to provide an integrated digital environment for services The banking system in the local market directly aims at achieving national aspirations towards independence and harmonizing the payment systems in the Kingdom with the standards of international payment networks and systems.
Al-Hammad pointed out that this platform, which provides the business sector with a clearer picture of the entire life cycle of bills, from raising the bill to the offer and payment and settlement, but contributes significantly to reduce the costs of financial transactions and improve the process of payments management and reduce cash collection processes, He stressed that this platform reflects the launch of the will and serious government desire to develop bank payments so that individuals and companies to complete their transactions safely and easily).
Al-Shalawi pointed out that Saudi payments are an independent entity affiliated to SAMA. It is the leading payment brand in the Kingdom and acts as a payment infrastructure operator and supports the Kingdom's approach to a non-monetary society. The retail system, which includes the extent of the payment system Mada, and the institutional system and which is listed below (receipt including the detailed electronic invoices, bills and payment of the presentation of the invoice and payments, and fast, instant payments), and there is a digital system, which includes On SADAD accounts, which offers a non-card-based payment option for online purchases, and a Mada e-commerce system, which enables electronic payments via Mada cards.
Al-Shalawi said that in light of the multiple challenges facing the business sectors in terms of providing and paying bills, the Business Invoicing Platform (ISAAL) came to clarify in detail the entire life cycle of the invoice, starting with the loading of invoices, presentations, payment, and matching services. The platform starts with enthusiasm, the first stage of loading the invoice, and then comes the validation phase of the invoice before it is presented to the buyer. In the third stage, the detailed invoice is displayed. In the fourth stage, the payment of the invoice is made using SADAD. Lastly, in which the supplier is receiving prompt payment notification and settlement reports for each invoice at the end of the day.
Al-Shalawi explained that the platform provides many advantages to meet the needs of the business sector such as processing multiple forms of invoicing, automatic settlement, payment as a group, in addition to reports and information, noting that new features are added every month based on customer feedback, and the platform is exchanging data with companies during the electronic billing process and can be linked with other platforms through all of the following methods (API, SFTP, and Frontend).
At the end of the meeting, a member of the Board of Directors and Chairman of the Chamber's Contracting Committee, Hamad bin Hamoud Al-Hammad, presented a commemorative shield to HE the Director of Saudi Payments Sales at SAMA, Hussein Bin Awwad Al-Shalawi.
